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Minimum ATC
The point at which a firm's average total cost is at its lowest, typically considered in the context of the long-run average cost curve.
Purely Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and a product that is homogeneous across suppliers.
Short Run
A period of time during which at least one input, like equipment or labor, is fixed while others can be varied to change output levels.
Automatic Market Adjustments
The self-regulating behavior of markets where prices and quantities adjust to changes in demand and supply conditions without external intervention.
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